San refutes the global nature of the Binance block: restrictions affected only the EU and Britain
HTX (formerly Huobi) founder Justin Sun has made an urgent statement aimed at easing panic among exchange users. According to him, HTX being placed on Binance's "blacklist" has a much narrower geographic scope than it might seem at first glance. Sun claims that the restrictions apply exclusively to Binance clients located in the United Kingdom and the European Union, and do not affect HTX's global liquidity or operations.
This statement came on Friday evening—just a few hours after Binance officially notified about blocking transactions with a number of platforms. Notably, Binance's notification itself lacks any geographic reference: the restrictions are addressed to all users without exception. The exchange warned that operations with "restricted" platforms may be suspended for compliance checks, and this list included 11 venues.
Key discrepancies in the parties' positions
Sun's claim that HTX does not operate in the UK or EU raises questions. Data from the UK Financial Conduct Authority (FCA) suggests otherwise: in 2023, the HTX website was visited 4.6 million times from Britain, placing the platform sixth in traffic among crypto companies in the country. Moreover, HTX only closed registration for new British users after a lawsuit from the regulator.
Sun also confirmed that HTX is in talks with UK and EU regulators about a global settlement. A moratorium is in effect at the High Court of London until August 25, and the exchange itself is discussing terms with the FCA regarding a case on illegal advertising. At the same time, Sun did not specify which EU body the consultations are being held with.
The timing here is extremely telling: Binance will cut off HTX on August 23—exactly two days before the moratorium expires in London. This creates strong pressure on the negotiation process and could be used as leverage in the legal confrontation.
My analysis: The situation looks like a classic conflict of interest between two industry giants, where regulatory pressure becomes a tool of competitive struggle. HTX users in the EU and Britain should expect temporary inconveniences when withdrawing funds, but I see no systemic risks to assets. I recommend closely monitoring the progress of negotiations until August 25—that is where the fate of this confrontation will be decided.